By Jennifer Chiou
New York, Sept. 26 - BioLineRx announced it raised $9 million in follow-on financing to add to its original $14 million investment.
Investors included Giza Venture Capital, Pitango Venture Capital and Teva Pharmaceuticals Industries Ltd.
"Since its formation, BioLineRx and our leading team of drug developers have proven our ability to identify, in-license and develop high potential candidates, leveraging the power of Israel's innovations in the fields of chemistry, biology and targeted therapeutic research," chief executive officer Morris Laster said in a news release.
"BioLineRx's uniqueness lies in our in-licensing model, which allows the company to generate a robust pipeline of molecules that can be partnered with global players for introduction to the market."
Proceeds will go towards advancing the company's drug candidates, including BL-1020 for schizophrenia, through clinical trials.
Based in Jerusalem, Israel, BioLineRx is a specialized drug development company.
| Issuer: | BioLineRx
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| Issue: | Preferred stock
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| Amount: | $9 million follow-on
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| Round: | Series A
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| Investors: | Giza Venture Capital, Pitango Venture Capital, Teva Pharmaceuticals Industries Ltd.
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| Announcement date: | Sept. 26
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